Mutual Fund closing valuation

[Information Consultant]

I came across the problem of valuation of Mutual Funds units which are held by a Portfolio Management Services company.
Whether closing stock should be valued at NAV of Mutual Fund units on Closing date or at cost. If we value the closing stock at the NAV of closing date, it may give rise to recognisition of unrealised profits, which is against the accounting principles.

Further, neither the AS for Stock nor AS for investments directly apply to it.

Please give your suggestion.